Time to hold on for award (6)
I believe the answer is:
honour
'for award' is the definition.
(synonyms)
'time to hold on' is the wordplay.
'time' becomes 'hour' (unit of time).
'to hold' is an insertion indicator.
'hour' enclosing 'on' is 'HONOUR'.
(Other definitions for honour that I've seen before include "High respect" , "Award conferred as a mark of respect" , "Confer with a symbol of distinction" , "Respect or venerate" , "Show respect towards, parents say" .)